In 2024, most companies must report information about their beneficial ownership—the individuals who directly own and control them—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, as required by the Corporate Transparency Act.

Filing is free, can be completed online, and only needs to be submitted once unless information needs to be updated or corrected. 

Important Terms

• Reporting Company: a corporation, LLC, or was otherwise created in the US by filing a document with a secretary of state or any similar office  
• Beneficial Owner: an individual who either directly or indirectly: (1) exercises substantial control over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests 

Key Dates

• January 1, 2024 | FinCEN  begins collecting beneficial ownership information
• January 1, 2025 | Registration/filing deadline for reporting companies 
• Within 90 Days | For new companies created or registered on or after 1/1/24 

For more information, please visit fincen.gov/boi.